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Aurora Cannabis to Lay off Staff, Close Five Sites, Take Impairment Charges

Aurora Cannabis to Lay off Staff, Close Five Sites, Take Impairment Charges

The Canadian Press
Aurora Cannabis Inc. Acquires Mexican Company

EDMONTON — Aurora Cannabis Inc. is continuing to restructure with more layoffs, facility closures, and impairment charges.

The Edmonton-based cannabis company says it will reduce its selling, general, and administrative workforce by 25 percent immediately.

Another 30 percent of production staff will be laid off from the company over the next two quarters.

Aurora has also decided to cease operations at five facilities over the next two quarters in order to focus on production and manufacturing at the company’s larger scale and more efficient sites.

The affected facilities are Aurora Prairie, Aurora Mountain, Aurora Ridge, Aurora Vie, and Aurora Eau.

By the end of the company’s 2021 second quarter, Aurora intends to consolidate production and manufacturing at Aurora Sky, Aurora River, Whistler Pemberton, and Polaris.

The company also says it will record production asset impairment charges of up to $60 million during its fourth quarter and a charge of up to $140 million in the carrying value of certain inventory.

This report by The Canadian Press was first published on June 22, 2020.

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Companies in this story: (TSX:ACB)

The Canadian Press

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